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Market Daily Report: Profit-Taking In Index Heavyweights Pulls Bursa Malaysia Lower

KUALA LUMPUR, Oct 16 (Bernama) -- Bursa Malaysia closed lower on Friday as buying interest shifted from index heavyweights to smaller-cap technology and telecommunications stocks as well as real estate investment trusts (REITs).  At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) eased 15.94 points, or 0.98 per cent, to 1,607.76 from Thursday’s close of 1,623.70. The benchmark index, which opened 1.13 points higher at 1,624.83, moved between 1,602.98 and 1,626.34 throughout the session. On the broader market, gainers outnumbered decliners 597 to 470, while 518 counters were unchanged, 1,258 untraded and 33 suspended. Turnover rose 3.13 billion units worth RM3.27 billion from 3.06 billion units worth RM3.03 billion on Thursday.
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Market Daily Report: KLCI gains after US equities' overnight rise



KUALA LUMPUR (Oct 17): The FBM KLCI gained 3.75 points or 0.22% today with Asian shares after US equities' overnight rise.

Reuters reported that US stocks surged more than 2 percent on Tuesday after upbeat earnings reports from major companies including UnitedHealth and Goldman Sachs and solid economic data, as equities rebounded from a recent sharp sell-off.

It was reported that Asian equities got some welcome relief on Wednesday after upbeat US earnings reports drove a rebound on Wall Street and helped restore a little faith in emerging market stocks and currencies.

At Bursa Malaysia today, the KLCI closed at 1,740.59 points. Across Asia, Japan’s Nikkei 225 closed 1.29% higher while South Korea’s Kospi rose 1.04%.

In China, the Shanghai Stock Exchange Composite climbed 0.6% while Hong Kong markets were closed today for the Chung Yeung Festival holiday.

In Malaysia, Areca Capital Sdn Bhd chief executive officer Danny Wong told theedgemarkets.com: “The US markets saw an overnight gain, which has lifted sentiment on the local market, especially after the recent sell down. Investors may also be doing some bargain hunting after the decline.”
Across Bursa Malaysia, 2.03 billion shares were traded for RM2.08 billion.

Top gainers include Carlsberg Brewery Malaysia Bhd, British American Tobacco (M) Bhd and Malaysian Pacific Industries Bhd.

Leading decliners included Hong Leong Bank Bhd, Hong Leong Financial Group Bhd and Westports Holdings Bhd.



Source: The Edge
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